What to expect from COP 29

Posted on November 11th, 2024

Teju Akande, Climate Change Manager

The 29th Conference of the Parties (COP29) takes place in Baku, Azerbaijan, from 11 to 22 November. Agreeing on a new climate finance goal alongside the response by countries to calls to update their national climate commitments ahead of COP30 will be the measures of success of this COP. 

Climate Finance

COP29 has been given the title of “Finance COP”. It’s the first time in 15 years that all nations will come together to establish a new global climate finance goal. The New Collective Quantified Goal (NCQG) on climate finance will be vital in mobilising finance to accelerate climate action in developing countries, replacing the previous target, set in 2009, of US$100 billion per year by 2020, which developed countries were late to meet.   

Building on the loss and damage fund that was operationalised at COP28, leaders will debate how to mobilise money to support the developing countries most vulnerable to negative climate change impacts and adapt to climate change, and transition to low-emissions and resilient economies. In July, the COP29 presidency announced a new Climate Finance Action Fund (CFAF). It aims to draw on voluntary contributions from fossil fuel-producing countries and companies to support developing countries’ climate projects. Though innovative, its success depends on the mobilisation of significant and ongoing contributions for years to come.   

Nationally Determined Contributions (NDCs)

Alongside climate finance, COP29 will serve as an important platform for nations to demonstrate their intention to submit stronger national climate commitments, strengthen adaptation efforts, and show tangible progress on previous pledges. Countries are expected to update their NDCs early next year in time for COP30.   

Currently, NDCs vary in quality and detail across countries, often lacking the necessary information on policy implementation to guide investment decisions. Investors seek insights into technological and sectoral opportunities and the policy landscape to gauge a country’s progress toward meeting decarbonisation targets. Updated NDCs offer an opportunity for countries to produce more comprehensive and investable plans that attract long-term investment that will help meet their climate goals. 

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